3345.64
Procedure for installment payment contracts.

In accordance with
this section, the board of trustees of a state institution of higher education
may enter into an installment payment contract for the implementation of one or
more energy or water saving measures. Any such
contract shall be subject to the competitive bidding requirements of Chapter
153. or section
3354.16,
3355.12,
3357.16, or
3358.10 of the Revised Code, as
applicable to each such board, except as follows:

(A)
If the board does not exempt the entire installment payment contract from the
applicable competitive bidding requirements pursuant to division (B) of this
section, the provisions of the contract dealing with interest charges and
financing terms shall not be subject to the applicable competitive bidding
requirements. Each such contract shall require repayment on the following
terms:

(1)
Not less
than one- fifteenth of the costs of the contract shall be paid
within two years from the date of purchase;

(2)
The remaining balance of the costs of the
contract shall be paid within
fifteen
years from the date of purchase .

(B)
The board by majority vote may exempt from the applicable competitive bidding
requirements an entire installment payment contract for the implementation of
energy or water saving measures pursuant to this
section and instead of those requirements shall enter into the contract as
provided in section
3345.65 of the Revised Code.